Business Directories

DGCX volumes surge 70pc in May

Dubai, June 9, 2013

The Dubai Gold and Commodities Exchange (DGCX) said it has registered yet another monthly volume record of 1.44 million contracts in May, up 70 per cent over the same period last year.

The volumes traded on the Dubai exchange last month were worth $48.47 billion, said a statement from DGCX.

Currencies accounted for the lion share of the Exchange’s May volumes, reaching an aggregate of 1.39 million currency contracts, up 88 per cent from the same month last year, it stated.

Indian Rupee futures continued its robust performance, registering a 67 per cent increase, while Euro, Yen and Swiss Francs futures showed a substantial surge of 201 per cent, 170 per cent and 335 per cent respectively.

The recently introduced DGCX Mini Indian Rupee futures emerged as a key performer, recording a significant growth of 248 per cent from last month, the statement said.

The new contract has already attracted a wide range of participation from retail remitters, individual investors and small and medium-sized businesses (SMEs), said a senior official.

Commenting on the record volume, CEO Gary Anderson said, “DGCX’s sustained volumes growth strongly reflects the Exchange’s ability to meet the needs of the marketplace. In particular, the volume growth witnessed by our newest contract, the Mini-Indian Rupee futures, is further testament to the ability of the Exchange to provide market participants with innovative products that meet their hedging and investment needs."

"In addition, with the implementation of EOS Trader Platform, an increasingly diverse range of global participants are using the DGCX platform. We remain committed to further enhancing our product portfolio and exploring new products and services to better support the increasingly sophisticated requirements of the market," he added.

The Exchange's year-do-date volumes (YTD) rose 107 per cent to reach 6.12 million contracts in 2013. Among precious metals, DGCX Gold futures recorded a YTD growth of 16 per cent, trading 227,953 contracts, said the DGCX statement.

Among currency contracts, Indian Rupee, Euro and Yen futures witnessed YTD volume growth of 110 per cent, 277 per cent and 80 per cent respectively from last year, it added.-TradeArabia News Service